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Annual Report of the Treasury for the Year Ended 30 June 2016

Management of the Crown's Agreement with Taitokerau Forests Limited MCA

The overarching purpose of this appropriation is meeting the Crown's responsibilities under its agreement with Taitokerau Forests Limited.

What is intended to be achieved with this appropriation

This appropriation is intended to achieve meeting the Crown's responsibilities under its agreement with Taitokerau Forests Limited.

What was achieved with this appropriation

The agreement requires the Crown to lend money to Taitokerau Forests Limited to meet the costs of maintaining and harvesting forests that Taitokerau Forests Limited owns on Māori land - the land is owned separately by various Trusts and other entities. The Crown's lending is repaid as each forest is harvested. The Crown lent $0.400 million to Taitokerau Forests Limited in 2015/16. The Crown made grants of $0.791 million to the Māori landowners, through Taitokerau Forests Limited, to assist them to afforest their lands again. The Crown also impaired $4.543 million worth of loans in 2015/16.

Performance measure Target for 2015/16 Performance for
2015/16
Forecast for 2016/17

Grants

     
An exemption was granted under s15D(2)(b)(iii) of the Public Finance Act 1989 as the annual expenditure under this appropriation was less than $5 million. Exempt N/A Exempt

Impairment of Loans

     
An exemption was granted under s15D(2)(b)(iii) of the Public Finance Act 1989 as performance information is unlikely to be informative as this category is solely for the technical accounting treatment under the loan agreement with Taitokerau Forests Limited. Exempt N/A Exempt

Loans

     
An exemption was granted under s15D(2)(b)(iii) of the Public Finance Act 1989 as the annual expenditure under this appropriation was less than $15 million. Exempt N/A Exempt
2015
Actual
$000
Non-departmental 2016
Actual
$000
2016
Main Estimates
$000
2016
Supp. Estimates
$000
2017 Unaudited Forecast
as per BEFU 2016
$000
- Total appropriation 5,734 1,000 7,364 1,830
 

Non-departmental other expenses

       
- Grants 791 200 473 230
- Impairment of loans 4,543 - 5,791 1,100
 

Non-departmental capital expenditure

       
- Loans 400 800 1,100 500
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